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Bill > A00142


NY A00142

NY A00142
Establishes a mollusk shell recycling tax credit; directs DEC to promulgate necessary regulations.


summary

Introduced
01/08/2025
In Committee
01/08/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT to amend the tax law and the environmental conservation law, in relation to establishing a bivalve mollusk shell recycling tax credit

AI Summary

This bill establishes a tax credit program to incentivize the recycling of bivalve mollusk shells (such as oyster shells) for environmental restoration purposes. Under this legislation, taxpayers can receive a tax credit of up to $1,000, calculated at ten cents per pound of mollusk shells that are certified by the New York State Department of Environmental Conservation (DEC). To qualify for the credit, the shells must be donated to an organization approved by the DEC specifically for oyster reef restoration. The bill requires the DEC to create rules and regulations for verifying and certifying the recycled shells, and the tax credit will be available for taxable years beginning on or after January 1, 2025. The credit applies to both corporate and individual taxpayers and is designed to support marine ecosystem restoration efforts by providing a financial incentive for recycling mollusk shells that might otherwise be discarded as waste.

Committee Categories

Budget and Finance

Sponsors (11)

Last Action

referred to ways and means (on 01/08/2025)

bill text


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